Harvey Pitt Takes a Hike

Well, it looks like we have the first big development of Election Day 2002: Harvey Pitt, the chairman of the SEC who has managed to thoroughly bungle every attempt to reform that agency, has finally gotten the hint and resigned. See the story at reuters.com for all the gory details.

Personally, I’m thrilled about this: Pitt was the wrong man for the job from the get-go. His background as a lobbyist for the very firms he was called to regulate made him suspect at the outset, and his actions since then have driven deep partisan rifts within the SEC, which generally acts by consensus. I don’t think anyone who cares about the markets will be sorry to see him go.